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Economy in Brief

U.S. Existing Home Sales Slipped & Prices Off More
by Tom Moeller February 25, 2008

The National Association of Realtors reported that January sales of existing single family homes slipped 0.4% to 4.890M after a 2.2% decline during December. The decline was slightly less than general expectations and new seasonal factors revised past data just slightly.

Sales of existing single family homes ticked up 0.5% last month, the first m/m increase in nearly one year.

By region, home sales in the Northeast fell 3.6% (-25.7% y/y). In the Midwest January sales rose 3.4% (-20.0% y/y) and sales in the South also rose 0.6% (-20.9% y/y). Single family homes in the West fell 1.2% (-28.0% y/y) after no change during December.

The median price of an existing single family home fell 2.9% (-4.6% y/y) last month. Home prices were off 12.2% in January from their peak last June.

Existing Single Family
Home Sales (Thous)
January y/y % December January '07 2007 2006 2005
Total 4,890 -23.4 4,910 6,380 5,672 6,508 7,076
  Northeast 810 -25.7 840 1,090 1,008 1,090 1,168
  Midwest 1,200 -20.0 1,160 1,500 1,331 1,491 1,589
  South 1,950 -22.0 1,960 2,500 2,240 2,576 2,704
  West 930 -28.5 930 1,300 1,093 1,353 1,617
Single-Family 4,340 -22.4 4,320 5,590 4,958 5,703 6,181
Median Price, Total, $ 201,100 -4.6 207,000 210,900 216,617 222,000 218,217
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